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David Brain, president and CEO of Entertainment Properties Trust, discusses the firm's strategy going forward. With investments as broad as ski areas, charter schools and cinemas, Brain said the firm needs to "communicate heavily" about how those less-transparent investments are performing. The firm continues to strive for a 50% leverage level and is prepared to make acquisitions next year.

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A report from LaSalle Investment Management warned that portions of the global-property recovery are unsustainable. The U.K. is one of the more unattractive European markets, according to the report. The U.S. also scored low in the report's assessment of property markets.

Brokers are reporting increasing investor interest in multifamily properties in the past few months. A year ago, "We were lucky if two or four groups showed up on a deal. Today, we're routinely getting 10 or 15 offers," said Biria St. John of Cushman & Wakefield.

A crisis looms for the commercial real estate market in 2010, then for the government-debt market, particularly in the U.S., investment managers said. "I think the next shoe to drop, which will be the world's biggest shoe, is the continued decline of the dollar and ultimately the breaking of the U.S. government market, which will set the other markets on another terrible path," said Steve Shenfeld, president of MidOcean Credit Partners. The danger of default on commercial real estate also is a major threat, Shenfeld said.

Tishman Speyer Properties and the Federal Reserve Bank of New York are in talks to restructure Tishman's loans on Chicago office towers. The portfolio of properties was acquired in 2007 from Blackstone Group. "The lenders and Tishman Speyer are in active discussions regarding a potential restructuring of the existing debt," the Federal Reserve Bank said in a statement.

Luxury hotel investment group Pyramid Hotels & Resorts, which manages 52 hotels, including nine spas and 18 golf courses in the U.S., has filed for an IPO and hopes to raise $275 million. The company says it expects to qualify as a real estate investment trust, and the proceeds from the IPO would go toward further investment in hotels.